highlights
The last date to apply for Pradhan Mantri Vaya Vandana Yojana is March 31, 2023.
The minimum monthly pension is Rs 1,000 and the maximum monthly pension is Rs 9250.
The system also has the option of receiving an annuity on a quarterly, semi-annual and annual basis.
New Delhi. Every man needs to plan his retirement. Because old age should be spent happily, you have to start saving now. After retirement, most people are worried about a steady income, so they want to put money in a place that will give them a better pension when they retire. Considering this need, Senior Citizen Pradhan Mantri Vaya Vandana Yojana Pradhan Mantri Vaya Vandana Yojana can invest. Regular income is available in this state system. The last date to invest in the program is March 31, 2023.
The Modi government introduced this program in 2017 considering the needs of seniors. Life Insurance Corporation of India runs this program for the government. Seniors can invest up to Rs 15 lakh in the scheme. Let us know the terms and conditions related to this program and other benefits, including interest.
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4 ways to get pension
The minimum entry age of the applicant under LIC’s Vaya Vandana plan is 60 years and the contract term is 10 years. The minimum pension is 1000 rupees per month, 3000 rupees quarterly, 6000 rupees semi-annually and 12000 rupees per year. The maximum monthly pension is Rs 9250 and annually
The pension is 1 lakh 11 thousand rupees.
Withdrawal option in case of critical illness
The investment in this system must be a lump sum and bears interest at 7.4 percent. What is special is that both husband and wife at the age of 60 can invest Rs 15 lakh each in this scheme. Another distinctive feature of Pradhan Mantri Vaya Vandana Yojana is that it does not require a medical test and policyholders can withdraw funds in case of serious illness. In such cases, 98 percent of the amount will be refunded. At the same time, after 3 years of the policy, a loan can be taken out on it.
Investing a minimum of Rs 1.5 lakh in this scheme will give you a pension of Rs 1000 every month and investing a maximum of Rs 15 lakh will give you a monthly pension of Rs 9250. You can also get this pension quarterly, semi-annually and obtain annually.
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FIRST RELEASED : February 17, 2023 at 3:40 p.m. IST
